Herding European Cats
Well, finally France and Germany agree that the best way to avoid a Greek default is to have private bond holders share in the pain of a Greek rescue…..voluntarily of course.
The plan calls for private creditors to roll over expiring bonds, voluntarily of course, providing Greece the time to show results of its Austerity Programs. Which by the way are about as popular as burnt baklava.
Time will tell if this latest attempt to contain Greek’s issues will work or not. My guess is the voluntary nature of this concept will be its undoing.